interactive investor scraps exit fees for Share Centre customers
We bring Share Centre customers into line with interactive investor customers on exit fees.
7th July 2020 14:16
by Jemma Jackson from interactive investor
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We bring Share Centre customers into line with interactive investor customers on exit fees.
Following completion of the acquisition of The Share Centre this month, interactive investor has removed exit fees for The Share Centre customers with immediate effect.
This brings The Share Centre customers into line with interactive investor customers on exit fees.
This comes ahead of The Share Centre migration onto the interactive investor platform, and in all other respects there are no immediate changes for any customers, with business as usual remaining for both The Share Centre and interactive investor customers.
The decision to scrap exit fees for The Share Centre customers comes at a time when the Financial Conduct Authority has delayed its consultation on exit fees until 2021.
Richard Wilson, Chief Executive, interactive investor, says: “I have said time and again that exit fees are a recipe for rip offs. We scrapped exit fees for Alliance Trust Savings customers a year ago, ahead of migration onto the interactive investor platform, and we have scrapped them again for The Share Centre customers. With Hargreaves Lansdown having scrapped exit fees last September, those still charging exit fees are looking increasingly out of step.
“But that is no reason to turn off the heat, and we look forward to scrutiny on exit fees being extended to personal pension operators, asset and wealth managers, life insurers and beyond. Many of these companies have grown far too complacent, relying on customer inertia and hefty penalties.”
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